Gasoline price today October 16, 2024: Continued sharp decrease
Oil prices today October 16, 2024: World oil prices continued to fall sharply for the third consecutive session. The prices of WTI and Brent crude oil decreased by 4.5% to 4.8%, respectively, compared to yesterday.
World oil prices
Crude oil prices on the international market fell sharply in the trading session on October 16, according to information from TradingEconomics and Oilprice. Specifically, WTI crude oil prices fell by 2.71 USD to 71.1 USD per barrel, a decrease of 3.68% compared to October 15.
Brent oil price also fell 2.74 USD to 74.7 USD per barrel, down 3.55% compared to the previous day.
This is the third consecutive day that oil prices have fallen, since the last trading session on October 11. Compared to the highest price on October 11, WTI oil prices have decreased by 4.7 USD per barrel, equivalent to a decrease of 6.2%.
Brent oil prices also fell $4.6 per barrel, down 5.8% from the highest price of the same day.
Crude oil futures also fell, with US WTI and UK Brent both falling to $71.10 and $74.25 per barrel respectively.
During the trading session on October 15, Brent oil price dropped to only 73.2 USD per barrel, but increased slightly again on the morning of October 16.
Experts and oil pricing information sites say that controlling the conflict between Israel and Lebanon has helped reduce pressure on crude oil prices.
In addition, the US economic outlook and new developments in the US presidential election also affected the crude oil market, limiting price increases.
However, crude oil prices in October 2024 still increased from 2.6% to 3.76% compared to the previous month, reflecting the need to increase European storage for winter and the impact of political fluctuations in the Middle East.
Domestic gasoline prices
On October 10, domestic gasoline prices were adjusted up, with the new price being 1,200 VND/liter higher.
The petroleum price stabilization fund, according to the Ministry of Finance, has a balance of VND6,061 billion at the end of the second quarter of 2024.
Compared to the previous quarter, this fund decreased by 18 billion VND, marking the fifth consecutive quarter of decline. When compared to the end of 2023, the petroleum price stabilization fund decreased by nearly 600 billion VND.
E5RON92 gasoline price increased by VND996/liter compared to the current base price with retail price of VND19,846/liter;
RON95-III gasoline price increased by more than 1,258 VND/liter, retail price 21,061 VND/liter.
Oil prices also tend to increase sharply:
Diesel 0.05S price increased by more than 1,099 VND/liter, retail price 18,500 VND/liter;
Kerosene price increased by 1,139 VND/liter compared to current base price, retail price is 18,790 VND/liter;
The price of 180CST 3.5S fuel oil increased by VND 908/kg compared to the current base price, retail price is VND 15,911/kg.
The Ministry of Industry and Trade reported on trade activities in September and summarized the first 9 months of 2024.
According to Decree No. 80/2023/ND-CP, gasoline prices are adjusted every 7 days, accurately reflecting world gasoline prices. Gasoline business costs are updated regularly, helping businesses meet domestic gasoline demand.
In the past 9 months, there has been no provision or use of the Petroleum Price Stabilization Fund.
The 7-day price management cycle helps domestic gasoline prices to be stable and close to world prices. Businesses can predict prices and plan imports based on the Ministry's allocation.
This stability helps control inflation and balances the interests of gasoline traders and consumers.